Bitwise sparks Aptos rally amid crypto downturn with potential ETF

The Aptos (APT) token defied the broader crypto market downturn, surging over 8% after Bitwise registered an interest in launching a spot exchange-traded fund (ETF) focused on the asset.

While major cryptocurrencies like Bitcoin and Ethereum dropped more than 3% during this period, APT outperformed the top 50 digital assets, reaching $6.15 as of press time.

Aptos ETF

On Feb. 26, Bitwise took the first step toward launching an Aptos ETF by registering the fund with Delaware’s Department of State.

This move suggests that the firm may soon submit an S-1 application to the US Securities and Exchange Commission (SEC), potentially making it the first in the country to introduce an ETF holding APT tokens directly.

If approved, the proposed ETF would expand Bitwise’s existing portfolio of spot crypto ETFs, which currently includes Bitcoin and Ethereum. In January, the firm also filed for a Dogecoin ETF, further demonstrating its commitment to broadening its digital asset offerings.

Although Bitwise has yet to issue an official statement, industry analysts note that this development aligns with growing investor interest in Aptos-based investment products. European markets already offer Aptos exchange-traded products (ETPs) through issuers like 21Shares.

Aptos is a rising layer-1 blockchain developed by Aptos Labs to improve transaction speed and scalability. According to Token Terminal data, more than six million unique addresses have interacted with applications on the network in the past 30 days.

Crypto ETFs momentum

The Aptos ETF registration aligns with a broader surge in crypto-related ETF filings in the US.

Over the past months, several asset managers have been actively pursuing regulatory approval for various crypto investment products, capitalizing on what appears to be a more accommodating approach from the SEC.

While an ETF filing does not guarantee approval, the SEC’s engagement with issuers has bolstered investor confidence in the future of digital asset funds.

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Liam ‘Akiba’ Wright

Editor-in-Chief at CryptoSlate

Also known as “Akiba,” Liam Wright is the Editor-in-Chief at CryptoSlate and host of the SlateCast. He believes that decentralized technology has the potential to make widespread positive change.

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